Core Viewpoint - The internet finance index has significantly outperformed the CSI 300 index in 2025, with a total increase of 22.63% compared to 2.03% for the CSI 300, but it still lags behind the North Exchange 50 index, which saw a 36.9% increase [1]. Group 1: Performance Comparison - The North Exchange has seven companies tagged with internet finance concepts, but only a few have outperformed the North Exchange 50 index, indicating that not all internet finance stocks yield excess returns [1]. - Companies like Guoyuan Technology, Tonghui Information, Zhisheng Information, and Liandi Information have shown better performance than the North Exchange 50 index, while Huaxin Yongdao, Airong Software, and Hanxin Technology have underperformed [1]. - The market capitalization of companies plays a significant role in their performance, with larger market cap companies generally underperforming [1]. Group 2: Market Trends - The North Exchange 50 index has experienced four distinct upward phases since the beginning of the year, but internet finance companies did not consistently outperform the index during these phases [2][4]. - In the second and third phases, the average increase of internet finance companies was lower than that of the index, suggesting that a blanket investment strategy in internet finance stocks may not be effective [4]. Group 3: Stock Selection Strategy - A successful investment strategy involves careful selection of internet finance stocks rather than indiscriminate buying, as not all stocks in this category will yield superior returns [4]. - For instance, Guoyuan Technology, which recently surged, was added to the internet finance label on June 26, 2025, and has shown potential due to its small market cap and lack of previous strong concept binding [5][6]. - The recommended criteria for selecting stocks include: (1) new concepts, (2) small market capitalization, and (3) high recognition of the internet finance label by investors [6].

Core Viewpoint - The article emphasizes the significance of the first half of the year for the A-share market, particularly for the newly established Beijing Stock Exchange (北交所), highlighting a surge in IPO applications and the overall improvement in the quality of listed companies [1][3]. Group 1: IPO Activity - A total of 41 companies were accepted for IPO applications by the end of June, with 32 of them from the Beijing Stock Exchange [1] - In the first half of the year, 177 companies applied for IPOs, including 115 from the Beijing Stock Exchange, indicating a substantial increase from 27 applications in the same period last year [1][3] - The Beijing Stock Exchange's total fundraising scale reached 453.36 billion, ranking second only to the main board, and it had the highest fundraising scale when excluding a few large projects from the main board [2] Group 2: Company Performance - The average and median net profit of the newly listed companies on the Beijing Stock Exchange reached 91.58 million and 75.68 million respectively, showing a significant increase of 47% and 48% compared to the previous year [3][4] - The proportion of companies with net profits exceeding 80 million is increasing, indicating a higher quality of IPO candidates [4] Group 3: Market Characteristics - The valuation levels on the Beijing Stock Exchange are the lowest among the three major boards, highlighting its cost-effectiveness [3] - The proportion of "specialized, refined, distinctive, and innovative" small giant enterprises on the Beijing Stock Exchange is 53.04%, second only to the Sci-Tech Innovation Board [3][4] - The majority of IPO candidates are from the manufacturing sector, particularly in specialized/general equipment, TMT, and electrical instrumentation, reflecting a focus on supporting the real economy [5]

Core Viewpoint - The article discusses the performance and characteristics of the BeiZheng Specialized and Innovative Index and the BeiZheng 50 Index, highlighting their differences in trading frequency, adjustment impact, and market performance over time [1][3]. Group 1: Index Characteristics - The BeiZheng Specialized and Innovative Index has a rebalancing frequency that is half of that of the BeiZheng 50 Index, but the adjustment ratio is double, leading to similar turnover rates [1]. - Both indices share 27 overlapping constituent stocks, indicating a significant degree of similarity in their composition [1]. Group 2: Market Performance Comparison - From June 28 to September 24, the BeiZheng Specialized and Innovative Index fell by 7.94%, while the BeiZheng 50 Index dropped by 12.67%, demonstrating superior performance of the former [3][4]. - During the rebound on July 16 and 17, the BeiZheng Specialized and Innovative Index rose by 4.75% and 8.13%, respectively, compared to the BeiZheng 50 Index's increases of 2.68% and 7.20% [3][4]. - From September 25 to November 8, both indices saw significant gains, with the BeiZheng Specialized and Innovative Index increasing by 136% and the BeiZheng 50 Index by 125%, indicating closely aligned performance [6]. Group 3: Volatility and Recovery - Between November 11 and January 6, both indices experienced a pullback of 26% and 28%, respectively, with the BeiZheng Specialized and Innovative Index performing slightly better due to its prior gains [8]. - From January 7 to March 18, the BeiZheng Specialized and Innovative Index outperformed the BeiZheng 50 Index, with respective increases of 54% and 43% during this period [10]. Group 4: Future Implications - The article suggests that the BeiZheng Specialized and Innovative Index serves as a better early indicator in a bull market, with its leading position potentially signaling accelerated market growth [12]. - The relationship between the two indices is characterized by a "this rises, that falls" dynamic, which may become a core indicator in the dual-index era of the BeiZheng market [12].

Group 1 - The article reviews the performance of the innovative drug sector in the first half of the year, noting that both the North Exchange and Shanghai-Shenzhen markets have seen significant interest and investment in this theme [1] - Currently, the innovative drug sector is in a phase of consolidation after an initial surge, coinciding with July, a period that emphasizes the importance of corporate fundamentals [1] - A summary of innovative drug concept stocks listed on the North Exchange is provided, highlighting their performance and market interest [1]

Core Viewpoint - The article discusses the significant decline in trading volume on the Beijing Stock Exchange, which fell to 18.6 billion yuan, marking the first time since April 29 that it dropped below 20 billion yuan, indicating a potential "ice point" for the current market trend [1][3]. Group 1: Market Dynamics - The trading volume on the Beijing Stock Exchange decreased by nearly 30% compared to the previous day, reaching 18.6 billion yuan, which is a notable drop as the market was previously at high levels [1]. - The article highlights that the trading volume's decline is attributed to three main factors, including the lack of premium on newly listed stocks, which affects market sentiment and speculative trading [1][3]. - The performance of newly listed stocks, such as Huawi Design and Kelaite, was weak, with maximum gains of only +3% and a significant drop in trading interest, leading to a "no premium" situation for first boards [1][3]. Group 2: Regulatory Impact - The article mentions that two ST stocks were placed under regulatory scrutiny, which dampened market enthusiasm and raised concerns about potential future interventions by regulators [3]. - The Beijing Stock Exchange's decision to issue a "trading supervision dynamic" serves as a warning to the market, potentially impacting investor sentiment and leading to increased caution among traders [3][4]. - The regulatory actions are seen as a double-edged sword, aiming to promote a more standardized trading environment while simultaneously discouraging speculative trading, which could lead to a decline in overall market activity [3]. Group 3: Market Outlook - Despite the significant reduction in trading volume, the article suggests that there is no severe downward trend in the market, indicating a prevailing sense of caution rather than outright pessimism [3]. - The article posits that the current market conditions may present opportunities for strong individual stocks, as the market is not expected to experience a drastic downturn, with a long-term bullish outlook remaining intact [4]. - The article recommends monitoring specific stocks that may present value opportunities, particularly if the market retraces to around 1300 points [4].

Core Viewpoint - The overall performance of the Beijing Stock Exchange (北交所) in the first half of 2025 has been impressive, indicating strong investment opportunities for investors [1]. Group 1: Performance Summary - The Beijing Stock Exchange has shown remarkable results in the first half of 2025, with significant returns for investors [1]. - A poll conducted among followers revealed unexpectedly high returns, suggesting that the profit potential in the Beijing Stock Exchange is substantial [1]. Group 2: Investment Strategy - As the second half of the year begins, there is a consideration for adjusting investment strategies in the Beijing Stock Exchange [1].

从"深海科技"被纳入《工作报告》，到 钦点" 走出一条具有中国特色的向海图强之路 "，都奠定了海洋 经济在今年题材炒作中的地位。其中"海上风电"这个子类已有了相对成熟的规划和架构，弹性较好，本 文我们盘点北交所的海上风电概念股，请各位投资者前往北研君小号浏览。 "海风"吹到北交所，哪家最具吸引力？ ...

上周，北交所"某*ST"连续两日30cm连板后被关小黑屋，堪称"露头就打"，为A股史上最严。按照最长 的5天来算，股票将于本周五复牌恢复交易，那么待复牌后股价还能继续吸引资金炒作、延续强势表现 吗？ 北研君认为大概率不行 ，具体分析请移步小号查看—— 两连板就进小黑屋，某*ST复牌后怎么走？ ...

Core Viewpoint - The recent performance of the North Exchange indicates a potential bull market, with the North 50 Index showing a cumulative increase of 8.13% over the past seven trading days, approaching historical highs [1][4]. Valuation - The current PE (TTM) of the North 50 Index is 69 times, which is lower than the previous peak of 77 times on May 20, indicating a favorable valuation environment [1][4]. - The small-cap growth sector shows even more attractive valuation, with a potential upside of 16% compared to its highest position [3][4]. Chart Analysis - The North 50 Index has reached the 1450-point mark three times since last year, with each subsequent pullback being smaller than the last, suggesting a pattern of higher lows [4][7]. - The analysis of previous market cycles shows a Fibonacci-like pattern in the magnitude of price movements, indicating a potential for a significant upward trend if the current cycle continues [5][7]. Volume Analysis - Volume is a critical factor for breaking new highs, with the current market showing stronger initial momentum compared to previous cycles [9][11]. - The recent trading days have demonstrated a more vigorous start, suggesting that the current market phase may be more promising than past attempts to reach new highs [11]. Summary - Valuation indicates greater upward potential with less resistance [12] - Chart patterns suggest a possible end to the previous stagnation around the 1500-point mark [12] - Volume trends indicate a stronger foundation for future market movements [12]

第一阶段（9:15-9:20）：能挂单能撤单，竞价"演戏"时间！ 上周四，广信科技上市，周内最低就是集合竞价阶段的50元/股，从该价格算至今短短三个交易日涨幅 已达45%。 在二级市场投资者眼里， 50元的价格毫无疑问是靠"抢"的 。但是很多投资者跟北研君反馈自己也在 抢，挂的价格不低， 最后却是废单了 。这主要还是因为对北交所集中竞价交易规则不够熟悉，所以这 篇文章专门对竞价规则做一个解读。 先看北交所官网对于竞价规则的阐述： 1.本所接受交易参与人竞价交易申报的时间为每个交易日9:15至9:25、9:30至11:30、13:00至15:00。 2.采取竞价交易方式的，每个交易日的9:15至9:25为开盘集合竞价时间，9:30至11:30、13:00至14:57为 连续竞价时间，14:57至15:00为收盘集合竞价时间。 3.每个交易日9:20至9:25的开盘集合竞价阶段、14:57至15:00的收盘集合竞价阶段，本所交易主机不接受 撤销申报；在其他接受申报的时间内，未成交申报可以撤销。 4.买卖股票竞价交易单笔申报最小数量不低于100股，最大数量应当不超过100万股。 这些时间点，9:30至11:30、1 ...